C&AG report: Bulk sale was a major shift in usual strategy

Nama’s decision to sell its Northern Ireland portfolio in bulk represented “a significant shift” in its usual strategy.

According to the Comptroller & Auditor General (C&AG), there was “no indication” that Nama had considered a bulk sale of its Northern Ireland assets until US law firm Brown Rudnick wrote on behalf of US investment fund Pimco in June 2013 proposing a short and exclusive sales process.

It found that, despite such a sale being a “significant shift in Nama’s strategy” and one which gave rise to a number of project risks, Nama “did not seek any external expert advice in relation to the strategy”.